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Two of the most hotly anticipated sovereign syndications of the year struck a powerful combination blow this week in support of Europe’s periphery fightback. Italy and Spain, two borrowers that were being talked about as the next bail-out candidates barely a year ago, both priced blowout trades.
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The results of EuroWeek's Bond Awards 2013 were announced at our annual Bond Dinner on May 15 at the Guildhall in London. Read the full list of winners and runners-up - all decided in a poll of market participants - here.
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Italy was set to price large 30 year syndication on Wednesday afternoon, in yet another stellar result for a peripheral European name this month. The sovereign wasted no time in announcing the trade after Spain received more than €21bn of orders for a 10 year deal, resulting in a €7bn print on Tuesday.
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Spain issued its second €7bn 10 year benchmark of 2013 on Tuesday, and again, the deal attracted over €20bn of orders. The trade demonstrated the extent of the country’s market access as investors scramble for the few credits left paying any sort of respectable yield. Even so, the domestic allocation on this benchmark was higher than the comparable deal done in January.
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Spain was set to print a blow-out 10 year trade as SSA Markets went to press. Investors, starved of yield in better rated assets, flocked to the Iberian sovereign’s latest syndication placing over €21bn of orders. The trade will ape the borrower’s first triumphant syndication of the year.
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Italy has mandated five banks for the 30 year syndication it has planned to bring since the beginning of the year. Initially delayed by the inconclusive Italian election result at the end of February, the sovereign will have seen the conclusion of that saga at the end of April as well as syndication successes by Spain on Tuesday and Portugal last week as reasons to believe the trade may now work.